Rambler Metals and Mining PLC (LON:RMM, CVE:RAB) has inked a loan agreement which gives the company US$1mln to support short term working capital needs as it completes an expansion to its Canadian operation.
An underground mining development project was delayed in July, impacting the schedule for the project.
"The operation has made significant advancements over the past twelve months and we are now nearing sustained production at 1,250mtpd. The mill itself has completed the necessary modifications to process at the targeted rate and now only awaits a steady ore feed from the mine,” said Norman Williams, Rambler chief executive.
“During the month of September the mine averaged just under 1,110 mtpd allowing the mill to average 1,045mtpd during the second half.
“As we bridge these final months of our planned Phase II expansion the loan facility with CEII will help close any short-term cash flow requirements needed to achieve our production goal."